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  • 1. What does O.F.A.C. stand for and what is its purpose? Views: 1023
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    O.F.A.C. stands for the Office of Foreign Assets Control and is a part of the U. S. Department of the Treasury. The following definition was found on the OFAC web site: The Office of Foreign Assets Control ( OFAC ) of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries, terrorists, international narcotics traffickers, and those engaged in activities related to the prolif  More...
  • 2. When are the ACH debits and credits posted? Views: 258
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    Once the ACH file is received from the Federal Reserve, the ACH file is uploaded to CU*BASE. To see details of the upload process, refer to the related items and links listed. The CU*Answers Operations team recieves and processes ACH files four times a day. The credit union configuration determines whether your credit union posts credits, debits, both credits and debits, or neither. On occasions, a client may request to have their ACH debits or credits posted early. Please contact a Client   More...
  • 3. How often does the OFAC list from the government get updated? Views: 221
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    Although we do check for an updated file daily, it is not uncommon for the US Dept of the Treasury to go 3 to 4 weeks without releasing an update. Sometimes it is more frequent than that, though, which is why we check every day just in case.
  • 4. What are the requirements for a password for It's Me 247 Online Banking? Views: 181
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    Your credit union can define the minimum length of the password (from 6 to 10 characters, although we recommend you set the minimum to at least 7 or 8 characters). The password can contain numeric, alphabetic, and special characters, and it is case-sensitive. As an option, you can also activate complex password requirements. (See the links below for more details on this optional feature.) The default password for new members is last four digits of the SSN/TIN, and the member is required to c  More...
  • 5. How does CU*BASE handle written-off/charged-off loans? Views: 115
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    CU*BASE is able to retain a Written-Off loan on the member record, but still classify the loan as a non-earning asset. This is beneficial in that the loan is apparent within member inquiry and further member contacts are not lost in the collection effort. However, if you feel the loan is no longer collectable, you can Charge-Off the loan from any member file. A full G/L interface is performed in both instances. Please review our On-Line Help links listed below for the full details. Collect  More...
  • 6. Does CU*BASE provide OFAC matching tools to ensure compliance? Views: 114
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    Yes, CU*BASE does offer a data match system to match your membership records against the current Specially Designated Nationals Blocked Persons (SDN) list published by the Office of Foreign Asset Control (OFAC), as well as the Palestinian Legislative Council (PLC) list. This feature is designed to assist your credit union with its required due diligence for complying with current OFAC rules.
  • 7. Is there a cutoff time to have my Federal ACH Return/NOC items submitted to CU*Answers? Views: 101
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    Yes there is. At 2:30 p.m. EST each normal business day, CU*Answers processes the ACHNOC items for all credit unions, and sends a combined file transmission to the Federal Reserve. Any work submitted by the credit union after 2:30 p.m. EST will be processed the next business day.
  • 8. Can a member complete a Loan Application using Online Banking? Views: 99
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    Yes, the credit union has a configurable option to allow the loan application to appear in online banking. You can also set up the application to appear directly on your website, and both members and non-members can complete the application and the data will be funneled directly to CU*BASE (no re-keying necessary for your lending staff!). Online Banking PC home banking It's Me 247
  • 9. How does CU*Answers assure the quality of its Online Banking releases? Views: 97
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    Assuring quality for an Internet product like Online Banking is much more challenging than CU*BASE product releases. CU*BASE is based on a partnership between CU*Answers and the credit union, where hardware and software specifications can be more easily controlled and agreed to by both parties. Online Banking , on the other hand, involves multiple partners and factors that can affect the product’s performance: member skill levels, browser software performance, Internet Service Provider iss  More...
  • 10. How do I remove a freeze on a savings account? Views: 95
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    You can temporarily remove a freeze in order to perform a single transaction, by using the Transaction Override feature (available from the CU*BASE Timeout window). This requires an authorized Employee ID and password. You can also change the status of the freeze indicator on the individual account by using Tool #20 Update Account Information. (Remember this feature also requires an authorized Employee ID and password.) Following are the available freeze status codes: 0 All transactions allow  More...
  • 11. What is CU*TALK? Views: 91
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    CU*TALK is the licensed and registered ARU (Audio Response Utility) software product written and owned by CU*Answers. CU*TALK is a convenient audio response service, that allows you to use a touch-tone phone to review account balances, verify whether certain checks have cleared, transfer funds between accounts, make loan payments, check current interest rates, and obtain annual dividend and interest information. CU*TALK allows you to take care of credit union business at times that work best for  More...
  • 12. Is there a charge-off routine for loans? Views: 90
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    Yes, both a write-off and a charge-off feature, in fact. A written-off loan is still collectible whereas a charged-off loan is released from debt and closed. Both steps are recorded as part of the CU*BASE written-off/charge-off loan history database. (Use the link below to learn more about this database and associated dashboard.) To write off a loan, use Tool #1006 Write Off / Charge Off Loans and use the write-off option. This reclassifies the loan but it is still retained on the member r  More...
  • 13. I need help with ordering an online credit card for the co-applicant/secondary person on a Visa account. I just ordered one for the member; how do I order one for the wife, who is listed as a co-applicant on the Visa loan? Views: 90
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    T o order an online credit card for a co-applicant on the loan account, you would complete the following steps: Launch Tool #12 Update/Order Online Credit Cards Enter the member number and suffix for the Visa loan account OR If you have the last 4 digits of the primary member's Visa card number, you may enter that instead Use Enter to continue On the next screen you will see a card that has been ordered for your primary member only. On the lower left corner of the screen, choose Add   More...
  • 14. Who is Zoot? Views: 85
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    Zoot is a CU*BASE partner that delivers a centralized source of data from all three national credit bureaus - Equifax, Trans Union and Experion. They are located in Bozeman, Montana. Through this partnership, we are able to provide your credit union with on-line credit bureau access and decision modeling capabilities.
  • 15. How should I process loans on CU*BASE GOLD to comply with the Military Lending Act? Views: 84
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    CU*Answers AuditLink and Lender*VP Teams have put together a document called MLA Procedures that will assist with this process. Please check out the link to the MLA Procedures document below.
  • 16. Does CU*BASE support certificate product codes which automatically default the term, rate, dividend frequency, penalty type, minimum deposit, and dividend payout method on new certificates? Views: 82
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    Yes. See the related links below for more details on this configuration.
  • 17. Can CU*Answers originate ACH items? Views: 78
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    Yes, Although CU*Answers is not an ACH Originator, through Xtend, Inc. we support a variety of ACH Origination strategies using Magic Wrighter as a business partner. The Magic-Wrighter ACH Origination and electronic payments services have many common and unique transaction processing features, and are utilized by dozens of credit unions. Your large corporate and your small business customers can select the services that best suits their needs. Best of all, ACH Origination provides exciting new  More...
  • 18. What features does the It's Me 247 product offer? Views: 77
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    It's Me 247 is a secure Online Banking system providing a feature rich offering to serve members. In addition to offering standard Online Banking features such as account inquiry and transfer capabilities, members are able to perform functions such as retrieving check images, update AFT's and addresses, open Certificates and other Savings accounts, Pay bills through the CU*EasyPay! Bill Presentment and Payment system, complete and submit Loan Applications directly to CU*BASE, review e-statements  More...
  • 19. What commands are available in text banking? Views: 71
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    Keywords are not case sensitive. You can type ‘help’ or ‘HELP. ’ BAL Reponses to BAL include the available balance on three savings accounts/and or checking accounts. Member: “BAL” ItsMe247: xxxxxxxxxxxxxxx:$-9,999,999.99, xxxxxxxxxxxxxxx:$-9,999,999.99, xxxxxxxxxxxxxxx:$-9,999,999.99. Reply HELP for help. Msg Data Rates May Apply. If multiple memberships are enrolled with the same phone, the response will ask you to specify the membership. ItsMe247: You have  More...
  • 20. Can the credit union choose who to send a late or delinquent notice to? Views: 71
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    Yes. The Loan Delinquency Notices Definition screen is used to define when and how the system should generate notices to warn both the member and credit union staff about a loan that has gone delinquent. In addition to the printed notices generated for mailing to members, the system can also generate Trackers and comments to notify credit union staff. There are two levels for distributing notices: Preset Levels, where a different notice is generated depending on how long the member has been d  More...
  • 21. What data archiving options does CU*BASE offer? Views: 68
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    CU*BASE provides clients a variety of solutions. For ASP clients, all CU*BASE reports are provided online for 90 days and member statements are provided online for 18 months. Each month, select reports and applicable member statements will be archived to CD-ROM or DVD. This archived media is delivered to the client for future retrieval and retention purposes. All viewing sortware for viewing CD-ROM data is included as a part of the delivered media. CU*BASE clients processing in-house may optio  More...
  • 22. When did "CU*@HOME" change to "It's Me 247" Online Banking? Views: 67
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    It's Me 247 online banking was released to all credit union clients on December 5, 2007.
  • 23. Does the loan origination system support automatic decisioning? Views: 67
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    Yes, 247 Lender is a decision model that lets you give automated approvals 24 hours a day, 7 days a week. Lender*VP has partnered with Portfolio Defense Consulting Group, a recognized expert in consumer credit risk management and modeling. Using data from CU*Answers' own clients, Portfolio Defense worked with us to develop a customer empirical model that is based on actual sampling of varying sized credit union loans. The sampling includes hundreds of performing and delinquent loans. Credit   More...
  • 24. How do I download a report from CU*Spy into an Excel spreadsheet? Views: 66
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    Access CU*Spy as usual. Enter the report name and the date span in the search fields. Click on Search. When the report has loaded, put a checkmark in the box next to the report(s) and click on the Combine and Print printer icon at the top of the list. (Leave the default of.TXT). The report will now load in a new browser window. Click on the File and Save As in the upper left hand corner of the browser page with the report displayed. (If you don't see File, press and release the Alt key to d  More...
  • 25. Who processes member statements for CU*Answers credit unions? Views: 64
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    Sage Direct handles the statements for most of our credit union clients, including all online clients. See the link below for their current address, to be used for delivering statement inserts. Over the many years that we have been working with Sage, they have built some very sophisticated programming and implemented new technology to provide CU*BASE clients additional services not available through other providers: Sage Direct provides statistical statement handling information—such a  More...
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